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  • Services
    • Tax Preparation
    • Home Loans
    • Personal Finance Coaching
  • About Us
    • Meet Chad
    • Meet Emilie
    • Chad's Story
  • Client Resources
    • Tax Resources
    • Home Loan Resources
    • Financial Coaching Resources
  • E-News
  • Client Reviews
  • Contact Us
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Tax FAQ's

Making Finances Simple. Changing Lives.
​​​This page was created to give you answers to common tax questions we receive. Contact us if we can help clarify anything!
withholdings / tax rates
  1. ​How do I ensure accurate pay withholdings?
  2. How does changing jobs or having multiple employers affect my withholdings?
  3. How can I still owe if I claim “0” on my W4?
  4. Will contributing more to our 401k help us not owe with our tax return filing?​
  5. Do I need to make estimated tax payments?
  6. Are my work bonuses & commissions really taxed at a higher rate?​
  7. How are my taxes affected by receiving a lump sum of income?
  8. Do I have to pay payroll taxes for my cleaning person, nanny, gardener, pet sitter, or home nurse?​
  9. What is my tax rate?
deductions / credits
​
  1. What are the differences between tax credits and tax deductions?
  2. Should I utilize my employer's flex account, or take the child care credit?
  3. Should I participate in my employer's flex spending account for medical expenses?
  4. How can a health savings account help me?​
  5. How do I value and keep records for my property donations? (Goodwill, etc.) 
  6. How does the premium tax credit work?
  7. Are renovations/improvements made to my primary home tax deductible?​
  8. ​Can I deduct employee-related business expenses?
  9. How do I get a tax deduction for donating a vehicle?
  10. Are my gambling losses tax deductible?
  11. Should I take the standard deduction? Or should I itemize deductions?
  12. Should I track medical expenses for tax purposes?
  13. When can I deduct moving expenses?
  14. Is my car registration fee deductible on my tax return?
  15. ​Are there any tax deductions for my motor home, boat, or travel trailer?
  16. ​How does the electric vehicle tax credit work?
  17. ​How does the solar tax credit work?
business-related
  1. What tax & financial tips should I know for my business?
  2. How do I determine what is considered a business expense, verses a personal expense?
  3. What are "self-employment" taxes?
  4. When are work "uniforms" tax deductible?
  5. Can I deduct expenses for a vehicle I use in my business?
  6. What are direct vs. indirect expenses for a home office?
  7. How do I deduct shared business and personal use expenses, like cell phone and internet?
  8. What is depreciation for business assets?
  9. My business is currently structured as a sole proprietorship, should I incorporate?
miscellaneous
  1. ​How long should I keep various tax records?
  2. I'm married...should I file joint, or separate?
  3. Is there an age limit on claiming a dependent?
  4. I'm being offered work where I can choose a 1099 or a W2...which is better?
  5. Why is my state refund taxable?
  6. Are unemployment benefits taxable?
  7. ​Is disability income taxable?
  8. Is social security income taxable?​​
  9. Is my settlement taxable?
  10. Will I have to pay taxes on my inheritance?​
  11. Should you reinvest dividends on stocks & mutual funds?
  12. I made excess contributions to my HSA...how do I correct the mistake?
  13. Why did I get a notice about additional taxes owed after filing my return and paying the taxes due?
  14. ​When does the IRS charge interest/penalties and how are the amounts calculated?
  15. Is it the IRS, or a scam?
  16. What do I do if I receive a letter from the IRS?
  17. ​How does the 2018 Tax Reform affect me?​

View our other FAQ Pages:
  • ​Home Loan FAQ's
  • ​Personal Finance FAQ's

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​​© 2023 Peshke Financial Inc., All rights reserved. NMLS #2244878. Material contained in this website is for informational purposes only and is not meant to be construed as direct financial advice for your specific situation. It’s recommended that you consult with your own advisors for personalized financial guidance. Since we’re not licensed attorneys, we cannot provide legal advice. As such, any info contained in this website should not be construed as direct legal advice.